Sinopec, China's leading oil manufacturer, said Tuesday that its online logistics purchases since 2000 had totaled more than 100 billion yuan (12.1 billion US dollars), saving its purchase cost by 5.2 billion yuan.

In 2004 alone, the company's online purchases were valued at 48.2 billion yuan, a company official said.

By last year, all Sinopec subsidiaries had implemented online purchasing.

The company encourages open bidding online, which helps various subsidiaries cut costs.

The official said a total of 23 subsidiaries publicized their purchase plans online last year, involving 168 orders for raw materials and equipment.

Online logistics purchasing makes the procedure more transparent and makes supervision more effective, he said.

Source: Xinhua